Business briefs

Mar. 04, 2013 @ 06:38 PM

NC Mutual partners with Atlanta-based bank

DURHAM – The chief executive of Durham-based N.C. Mutual Life Insurance Co. said a new partnership with Atlanta-based Capitol City Bank & Trust will help the insurance company expand its reach.

Durham-based N.C. Mutual formed a partnership with Capitol City Bank that will allow the bank to market and sell insurance products to the bank’s deposit base, said James H. Speed Jr., N.C. Mutual’s president and CEO.

Capitol City Bank customers will have access to products that N.C. Mutual distributes for other companies as well, Speed said.

In 2011, N.C. Mutual launched an independent agency of agents that can sell the company’s policies, as well as products of other companies.

 “It will allow them to actually sell insurance-related products to their deposit base, and it would also allow them to market other services that N.C. Mutual has in terms of group life insurance, and in terms of the medical, and other products available to municipalities and other corporations,” Speed said of the partnership with the bank.

Speed said the bank will provide its own staff for the initiative. Capitol City Bank will earn a fee for selling the insurance products, he added, and N.C. Mutual will also earn commissions from their sales.

N.C. Mutual has made an investment in the Atlanta-based bank through the purchase of bank stock.

Speed said N.C. Mutual officials are looking to form partnerships with other minority banking institutions across the country.

Sentinel Data Centers to hire 15 to 20 for Durham data center

DURHAM – Sentinel Data Centers announced Thursday that it plans to hire 15 to 20 people in the next three months to fill positions as the first phase of its Durham data center comes online.

The facility in Durham will eventually contain 420,000 square feet, including about 200,000 square feet of computer room space, according to a news release.

An initial phase is scheduled for delivery to Sentinel’s initial users in June. The total investment in the project will be about $200 million.

The company said in the news release that Brian Baker, formerly the vice president of sales at Hosted Solutions, has been named Sentinel’s vice president of Southeast business development.

Matthew Baker, a former U.S. Navy officer, has been named site director for the Durham data center.

 “The caliber of our team is a core differentiator of Sentinel,” said Sentinel Co-President Todd Aaron in the release. “Assembling smart, highly qualified, mission-critical operations teams provides our users the peace of mind to focus their resources on their own core competencies.”

Sentinel’s operating team will manage the physical components of the center, including power and cooling systems, while individual client companies will maintain complete control over their information technology infrastructure, either locating their IT staff on-site at Sentinel facilities or overlaying a third-party service provider to do so.